Who does OSFI regulate

The Office of the Superintendent of Financial Institutions (OSFI) is Canada's federal regulator for financial institutions and pension plans. Its job is to make sure these organizations are financially sound and well-managed, so Canadians can trust the system to protect their savings, insurance, and retirement benefits.

OSFI regulates and supervises:

• Federally regulated financial institutions (FRFIs), which include:
  • All banks operating in Canada
  • Federal trust and loan companies
  • Life insurance companies
  • Property and casualty insurance companies
  • Fraternal benefit societies
  • Foreign bank branches in Canada
• Federally regulated pension plans (FRPPs) – These are private pension plans that fall under federal rules, such as those for employees in industries like banking, telecommunications, and transportation.

In total, OSFI oversees more than 400 financial institutions and 1,200 pension plans.

What does regulation mean

Regulation means that through its guidance OSFI sets expectations for how these institutions should operate. This includes:

• Ensuring they hold enough capital to absorb losses
• Requiring strong governance and risk management
• Monitoring for signs of financial trouble
• Approving certain transactions, like mergers or ownership changes

OSFI also develops guidance and interprets laws to help institutions understand and meet their obligations.

What does supervision involve

Supervision means OSFI keeps a close watch on institutions to make sure they follow the rules and stay financially healthy. OSFI reviews financial data, meets with management, and assesses risks. If problems are found, OSFI can require the institution to take corrective action.

Why is this important

By regulating and supervising these organizations, OSFI helps protect:

• Depositors – People who keep money in banks
• Policyholders – People who buy insurance
• Pension plan members – People who rely on retirement benefits

OSFI's work supports confidence in Canada's financial system and helps prevent crises that could harm the economy.

In summary

OSFI regulates and supervises a wide range of financial institutions and pension plans across Canada. Its role is to make sure these organizations are safe, stable, and well-managed—so Canadians can count on them when it matters most.